Banzai to acquire Act-On Software for merger consideration of $53.2M

Banzai (BNZI) International has signed a definitive agreement to acquire Act-On Software, an enterprise marketing automation platform provider. The company said, “Act-On is an easy-to-use and intelligent marketing automation platform, powered by AI and supported by an open data architecture. In a landscape filled with complex marketing suites, Act-On focuses on providing marketing software that enhances team efficiency and facilitates engagement with customers and prospects across all communication channels. Clients like Hitachi, BestBuy, and Progressive Insurance utilize Act-On to improve lead generation, increase sales pipeline, automate customer communications, and increase return on marketing investment.” The acquisition is projected to increase revenue by $27M for the twelve-month period ending December 31, 2025, on a pro forma basis. Act-On’s financials are forecasted and are subject to change. Under the terms of the agreement, the aggregate merger consideration will consist of Banzai Class A Common Stock, and/or Pre-Funded Warrants exercisable for shares of Class A Common Stock, valued at $33.2M and cash consideration of $20M for an aggregate enterprise value for the merger consideration of $53.2M. The transaction is expected to close in February 2025, subject to the satisfaction of customary closing conditions.